Global Interventional Radiology Market Is Estimated To Witness High...

Global Interventional Radiology Market Is Estimated To Witness High Growth Owing To Technological Advancements and Increasing Prevalence of Chronic Diseases

Posted 2023-10-03 13:50:54

The Interventional Radiology Market is estimated to be valued at US$ 22,849.9 Mn in 2022 and is expected to exhibit a CAGR of 6.5% over the forecast period 2022-2028, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Interventional radiology involves the use of minimally invasive imaging-guided procedures to diagnose and treat diseases in nearly every organ system. The market includes a wide range of products and procedures such as angioplasty, stenting, embolization, and radiofrequency ablation. These minimally invasive procedures offer several advantages over traditional open surgeries, including reduced risk, shorter recovery times, and improved patient outcomes. Interventional radiology plays a crucial role in treating various conditions, including cardiovascular diseases, cancer, and gastrointestinal disorders.

Market Dynamics:
The high growth of the interventional radiology market can be attributed to two main drivers. Firstly, technological advancements in imaging technologies and medical devices have improved the precision and efficiency of interventional radiology procedures. The development of advanced imaging modalities such as MRI, CT, and ultrasound has enabled better visualization and accurate targeting of the affected area during procedures. Secondly, the increasing prevalence of chronic diseases, such as cardiovascular diseases and cancer, has fueled the demand for interventional radiology procedures as they provide minimally invasive treatment options. This, coupled with the growing geriatric population and rising healthcare expenditure, is expected to drive market growth over the forecast period.

SWOT Analysis:

Strength: Interventional radiology market benefits from the advancements in medical technology, contributing to improved patient outcomes and minimally invasive procedures. The industry has a strong hold on the market due to the increasing adoption of interventional radiology techniques and the rising prevalence of chronic diseases.

Weakness: The high cost associated with interventional radiology procedures poses a challenge, limiting its accessibility in certain regions, especially in developing countries. Additionally, the lack of skilled professionals and the need for specialized training for interventional radiology procedures are obstacles for market growth.

Opportunity: The growing geriatric population globally creates a favorable market environment for interventional radiology, as the elderly are more prone to chronic diseases and require minimally invasive treatments. Technological advancements such as robotic-assisted procedures and 3D imaging present opportunities for the market to expand further.

Threats: One major threat to the interventional radiology market is the increasing competition from alternative treatments such as surgical procedures, which may pose significant risks to patient safety but still remain popular. Another threat is the strict regulatory guidelines that companies in the market have to adhere to, which may limit innovation and development.

Key Takeaways:

The global Interventional Radiology Market Growth is expected to witness high growth, exhibiting a CAGR of 6.5% over the forecast period of 2022-2028. This growth can be attributed to factors such as increasing adoption of interventional radiology techniques and the rising prevalence of chronic diseases.

In terms of regional analysis, North America is the fastest growing and dominating region in the interventional radiology market. The region's strong healthcare infrastructure, high healthcare expenditure, and favorable reimbursement policies contribute to its market dominance.

Key players operating in the interventional radiology market include Siemens Healthineers AG, Shimadzu Corporation, Koninklijke Philips, Hologic, Inc., Fujifilm holdings corporation, Esaote SPA, Carestream Health, Samsung Medison (Samsung Electronics Co. Ltd), and Canon Inc. (Canon Medical Systems Corporation). These players bring innovative technologies, extensive product portfolios, and strategic partnerships to the market, contributing to their competitive advantage.